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Ethereum Staking Deposits Spike After This Crucial Event

Asad Gilani Crypto Editor Author expertise
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Glassnode recently revealed that Ethereum stakers were highly motivated in the past week, thus staking more and more in the contract.

The report shows that the crypto’s daily activity spiked as more deposits are happening on the Ethereum staking contract. LIDO DAO emerged as the leader of the numerous staking providers, recording the most transactions.

Glassnode Report Shows that Ethereum Staking Has Increased Massively

The popular on-chain analysis firm Glassnode published a new report about the Ethereum blockchain staking activities. 

The report shows that Ethereum investors have become more encouraged recently, and the number of staking activities in the network has increased massively.

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Glassnode took to the public in a tweet, showing the recent daily ETH staking deposit transaction that had recorded a new high on Monday, June 2. By then, the network had over 14,000 new ETH deposits, comprising almost 410,000 ETH. 

Also, Glassnode noted that the ETH deposit transactions to cryptocurrency exchange remained at an estimated 30,000 ETH in contrast to the inflows to the staking contract. 

While staking transactions experienced a massive surge of activities and growth, the number of exchange transactions remained meandering and not so volatile.

According to Glassnode, the average daily staking deposits in June accrued 2,627. Since the completion of the Ethereum Shanghai Hardfork, the staking deposits in the crypto began to increase steadily, peaking on June 2, with over 13,595 new deposits worth more than 408,000 ETH.

The Ethereum Shanghai program was the significant upgrade in the ETH network that occurred on April 12, 2023. The event was called the “Shapella” upgrade, which allowed staked ETH withdrawals and integrated several other improvements to the blockchain.

This event was the first key upgrade to the network since its London hard fork in 2021. However, while this upgrade marked a significant milestone, it also laid a great foundation for scalability and future improvements to the Ethereum network.

Notably, this upgrade drew crowd attention globally, with numerous applause and criticisms.

LIDO, The New Leader of the ETH Staking Providers

Furthermore, Glassnode also released a report regarding the recent Ethereum staking activity. Following the Shanghai upgrade in April, the report showed that LIDO had recorded the highest staking activity by any supported staking provider.

 LIDO is a decentralized autonomous organization that offers Ethereum stakers stETH coins in exchange for ETH. They store their funds in the DAO. Following the upgrade, the Ethereum 2.0 staking contract experienced a massive withdrawal.

Currently, investors are becoming more interested in staking back into the network. But they are now using DeFi platforms for this process. Interestingly, since the Shanghai upgrade, the number of ETH staking deposits has increased from 460 to 8,108.  

Asad Gilani Crypto Editor

Asad Gilani Crypto Editor